Impossible Foods Aims to Put Plant-Based Burgers on European Menus This Year
It would mark a major breakthrough for the Redwood City, California-based company as industry sales of plant-based meat substitutes shrink in its core American market. Before rolling out all its products to countries including Germany, the Netherlands and the UK, the firm is waiting for final regulatory approvals for its genetically-modified ingredient, according to Chief Executive Officer Peter McGuinness.
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Fortum Oyj (FOJCF) Q2 2025 Earnings Call Highlights: Navigating Challenges with Strategic ...
Achieved Power Price: EUR48.1 per megawatt hour, slightly lower than last year's EUR48.6 per megawatt hour. Total Generation: 8.8 terawatt hours, 2.2 terawatt hours lower compared to the second quarter last year. Comparable Operating Profit (Q2): EUR115 million. Comparable EPS (Q2): EUR0.09. Operating Cash Flow (Q2): EUR203 million, decreased by EUR135 million. Financial Net Debt: EUR1.3 billion at the end of the second quarter. Leverage Ratio: 0.9 times financial net debt to comparable EBITDA. Consumer Solutions Operating Profit (Q2): EUR26 million, an increase of EUR14 million. Hedge Ratio (End of Q2): 80% at EUR41 per megawatt hour for the rest of 2025. Capital Expenditure (2025-2027): Expected to be EUR1.4 billion. Fixed Cost Reduction Target: Reduce annual fixed costs by EUR100 million by the end of 2025. Warning! GuruFocus has detected 8 Warning Sign with FOJCF. Release Date: August 15, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Fortum Oyj (FOJCF) maintained a strong financial position with a financial net debt of EUR1.3 billion, even after a significant dividend payment of EUR1.3 billion. The company successfully acquired Orange Energia, doubling its retail customer base in Poland and expanding its Consumer Solutions business. Fortum Oyj (FOJCF) is progressing well with its efficiency improvement program, targeting a EUR100 million reduction in annual fixed costs by the end of 2025. The acquisition of a 4.4 gigawatt wind power project development portfolio in Finland strengthens Fortum's renewable energy pipeline, aiming for at least 800 megawatts of ready-to-build projects. The Consumer Solutions segment achieved a record high second quarter result, driven by improved gas margins and cost synergies from brand mergers. Negative Points Fortum Oyj (FOJCF) experienced record low generation volumes in Q2 due to low hydro inflow and unavailabilities in the nuclear fleet, impacting overall performance. The company's comparable operating profit and EPS decreased significantly, reflecting lower generation volumes and power prices. Hydro and nuclear volumes are expected to remain below normal levels for the full year 2025, with nuclear output estimated to be 2.9 terawatt hours lower. The market environment remains uncertain due to geopolitical conflicts and US tariff plans, posing challenges to major industrial investments in the Nordics. Spot prices in the Nordic market were lower than expected despite low generation volumes, influenced by high hydro reservoir levels and wind generation. Q & A Highlights Q: Can you clarify the expected full-year volumes for hydro and nuclear, considering the current lower outputs? A: Markus Rauramo, CEO, explained that nuclear volumes are expected to be about 2.9 terawatt hours lower than the usual 26 terawatt hours, resulting in approximately 23 terawatt hours for the year. For hydro, while it's difficult to forecast, the expectation is that volumes will be below the normal range of 20 to 20.5 terawatt hours due to current conditions. Q: What is the status of Fortum's legal claims in Russia, and could there be any changes following the Alaska summit? A: Markus Rauramo, CEO, stated that there are no major updates on the legal front. Fortum is proceeding with arbitration against the Russian Federation and a legal process regarding unpaid loans. They are hopeful for some relaxation in currency controls to facilitate financial recovery and potential business exit. Q: Could you provide insights on the data center tax in Finland and its potential impact on growth? A: Markus Rauramo, CEO, noted that the tax proposal is under government review. While any uncertainty is not positive, the tax is a minor detail compared to the overall investment in data centers, which focuses more on site availability, grid infrastructure, and clean energy. Q: Why was the onshore wind EBIT negative in Q2, and what is the support mechanism for this? A: Tiina Tuomela, CFO, explained that the negative EBIT was due to low spot prices impacting the non-hedged portion of the wind farm's output. The Pjelax wind farm is mostly hedged with PPAs, but the unhedged part faced lower prices due to high wind conditions. Q: How do you view the potential for grid investment to meet future power demand in Finland? A: Markus Rauramo, CEO, stated that grid investment is crucial but not seen as a bottleneck. Fortum is developing sites with existing grid access to meet customer needs, ensuring that grid availability aligns with demand growth projections. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
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25 minutes ago
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£25m agreement opens door for SPECIAL winger to join Liverpool
Liverpool could be preparing an exciting move before the transfer window shuts close. Even though there have been a lot of new faces arriving at Anfield, Richard Hughes isn't just done yet. Liverpool are set to complete a move for Giovanni Leoni. 🚨2025/26 LFC x adidas range🚨 LFC x adidas Shop the away range TODAY LFC x adidas Shop the home range today! LFC x adidas Shop the goalkeeper range today LFC x adidas Shop the new adidas range today! Meanwhile, the club continues to work on recruiting Alexander Isak and Marc Guehi. But the duo may not the only potential new signings before the September first deadline. While Liverpool have already brought in a lot of new players, it's also important to note that a lot of players have left. From Trent Alexander-Arnold to Caoimhin Kelleher, Jarell Quansah, Tyler Morton, Luis Diaz to Darwin Nunez. Now the latest departure from the club is expected to be Ben Doak. Liverpool have agreed a £25m move to sell him to Bournemouth as per The Guardian. 🔴 Doak was on the bench at Wembley, so he was considered to be part of Arne Slot's plans. This is because Liverpool have lost three senior attackers this summer, and have only brought in Hugo Ekitike so far. Florian Wirtz could play in an attacking position but that's not the role he was signed for. Alexander Isak may be brought in. But even his arrival will leave Liverpool at least one player short compared to last season. And that's before we even start to think about the possibility of Federico Chiesa leaving. So, given Doak's departure, the doors have definitely opened for Liverpool to not just sign Isak and Guehi but a winger as well. DaveOCKOP seems to confirm this, with an exclusive report Liverpool are looking at wingers in the £60-70m range. Who might that winger be? Well, one player who a Liverpool move might now be open for is Yankuba Minteh. Liverpool wanted to sign him last summer. He has worked with Arne Slot in the past, while he went out on loan to Feyenoord during the 2023/24 season and actually thrived under the Dutchman. Minteh has had an impressive debut campaign in the Premier League. He was nominated for the Player of the Month at one point, and finished the season with seven goal contributions in his last 14 starts. His speed and his work rate makes him the perfect player for Liverpool's system. While he predominantly plays as a right-winger, he can also play as a left-winger. Crucially, The Gambia did not qualify for AFCON this year, so he'll be available when Salah leaves in December to compete at the tournament. Minteh is a special talent, and someone Slot and Liverpool both clearly rate highly. With Doak's departure, the doors are now ajar for him to join the Reds.
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39 minutes ago
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A slow-motion car crash is unfolding across Britain's housing market
Britain's homeowners are heading towards a cliff edge. Despite interest rates falling over the past 12 months, millions of heavily indebted households are preparing to come off cheap fixed-rate loans taken out when borrowing costs were at rock-bottom. At the same time, the housing market is at a low ebb, battered by a surge in stamp duty rates that has deterred buyers and helped drive down prices. Shop Top Mortgage Rates Personalized rates in minutes A quicker path to financial freedom Your Path to Homeownership This means that many homeowners are now being confronted with an uncomfortable reality that their flats and houses, which appeared good investments at the time, are worth much less than they had hoped. Advising sellers on what to do before their mortgage repayments jump has become a careful game of strategy for Howard Davis, of Howard Independent Estate Agents. For example, one of his clients has been trying to sell a two-bedroom flat in the leafy suburb of Clifton, Bristol, ahead of a painful remortgaging process in November. However, so far, they are struggling to do a deal for anything above the price paid for the property three years ago. 'We've reduced the price and managed to get six people around to look at it on Monday,' says Davis. 'Half of them said they quite like it, but they're frightened to commit because they're seeing other prices falling all the time. 'We were expecting, by Tuesday, to have several offers at a dramatically reduced price. And today, we haven't. So we may have to slice that price again. 'The guy's probably going to come out even from a property he bought three years ago, because he's frightened his interest rate is just going to hike up on his mortgage deal in November.' Fresh housing crunch The same is true across much of the South of England. House prices have dipped from March's peak, when the market was boosted by buyers rushing to beat the rise in stamp duty. However, more serious may be the market's failure in many parts of the country to rise at all since Liz Truss's mini-Budget of 2022, which led to a sharp drop in sales. Prices in London, the South East, the South West and the East of England are all still below their peaks almost three years ago. Across the UK as a whole, prices are up just 1.1pc over that timeframe. Worryingly, the long-held British belief that investment in property is a one-way bet is being shattered. According to Trevor Brown, a surveyor in Southend, Essex, owners can only sell if they accept the reality that their home is not worth as much as they hoped. 'There are fewer potential buyers, borrowing is still very expensive and stamp duty is levied on every sale that we see,' he says. 'It makes buying expensive. 'The first-time buyer market is out of the equation unless you have mum and dad ready to contribute considerably. And nobody is buying buy-to-lets any more at all.' Concerns over the property market have been fuelled by a recent exodus of landlords, triggered by a barrage of tax rises under the Conservatives and the introduction of Labour's renters' rights bill, which aims to strengthen the power of tenants. 'Auctions are full of tenanted properties, where landlords are getting out of the marketplace,' says Brown. All of which is teeing up what some see as a fresh housing crunch, threatening to undermine confidence in the wider economy and curbing much-needed tax revenues. However, the market has not yet completely stalled. Banks and building societies approved 188,000 mortgages in the three months to June. That is down from the 200,000 in the quarter before the stamp duty holiday ended on March 31, but is above the low of 135,000 in early 2023 in the wake of Truss's mini-Budget. But this rebound is far short of making up for lost sales in recent years, while mortgages are still running below levels seen before the pandemic. Worse still, pessimism on prices has crashed to its worst level in a year, according to the latest report from the Royal Institution of Chartered Surveyors, which regularly questions its members on the state of the market. Even though the Bank of England has cut its headline interest rate from 5.25pc to 4pc over the past 12 months, the average rate paid on mortgages is still rising. That is because the cheap loans which millions of families locked into before the cost of living crisis are now coming to an end. Those borrowers often bought with a mortgage rate of less than 2pc, but must now refinance with repayments north of 4pc. The average rate paid on the nation's mortgages is up from 2.1pc at the end of 2021 to 3.9pc today, with the Bank predicting that it will keep rising to 4.1pc into 2026. Before the pandemic, the average mortgage payment was less than £700, according to direct debit data from the Office for National Statistics and Vocalink. Now it is just shy of £1,000. Bank officials estimate that 3.6 million households will remortgage onto higher rates over the next three years, while only 2.5 million will see their rate fall. It means an average increase in repayments of £107 per month in the coming years. Tightening belts Compounding the problem is a renewed rise in living costs. David Hickman, a surveyor in Devon, says that Rachel Reeves's National Insurance tax raid has hammered the local jobs market, undermining confidence among buyers. 'There's this job insecurity going around, and that's making people sit tight and not move unless they have to,' he says. A weaker housing market, in turn, becomes a danger to both the economy and the public finances. 'When asset prices rise, it gives people confidence to go out and spend,' says Sam Miley, at the Centre for Economics and Business Research. 'And when prices are falling, it encourages people to be a bit more cautious. 'At the moment, it is an environment of slower house price growth, so that plays out in a slower rate of consumption growth.' Such concerns will not go unnoticed for those in the Government, particularly as the Chancellor prepares to plug a black hole worth as much as £50bn. The Office for Budget Responsibility predicts that Labour's pledge to build more homes will trigger more property sales, which in turn will help the Treasury bring in more stamp duty for each sale. The watchdog anticipates annual revenues from stamp duty and other transaction taxes will rise from £13.5bn last year to £24.5bn by the end of the decade. But dwindling house prices will serve as a threat to that, fuelled by a recent drop-off in construction activity. Housing starts have barely budged and planning approvals have fallen to a record low since the Government unveiled its pledge to build 1.5m homes by 2030. Any shortfall in property transactions could prove critical for Reeves, says Andrew Wishart, economist at Berenberg Bank. 'It is a relatively small tax but when the Chancellor is working with headroom of 0.2 or 0.3pc of GDP, any small tax could make the difference,' says Wishart. 'The forecast looks optimistic – when looking at housing construction volumes, they are a long, long way off the target.' However, support for the market might be on the way. Not only is the Bank of England expected to cut interest rates a little further in the coming months, but looser mortgage lending rules should also make life a little easier for first-time buyers. Yet regardless of that, many believe it will remain a buyer's market, including Jeremy Leaf, an estate agent in north London. 'There is a hell of a lot of property on the market, and if you want to stand out, you have to be realistic about price,' he says. 'A lady came in wanting to look at one of our properties. She said, 'It is very nice. But I have got 12 to see today.'' Inicia sesión para acceder a tu cartera de valores
